Market Valuation Takes a Hit: HDFC and ICICI Banks Lead the Decline

Market Valuation Decline in Top Firms

New Delhi: The total market capitalization of six out of the ten most valued companies saw a significant drop of Rs 70,325.5 crore last week, with HDFC Bank and ICICI Bank being the most affected amid a downward trend in the stock market.

During the previous week, the BSE benchmark Sensex experienced a decline of 626.01 points, equating to a 0.74 percent decrease.

Among the top ten firms, Reliance Industries, State Bank of India, Infosys, and Hindustan Unilever Ltd managed to gain, while HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, ICICI Bank, Life Insurance Corporation of India (LIC), and Bajaj Finance saw their market valuations decrease.

HDFC Bank's market value fell by Rs 19,284.8 crore, bringing its total to Rs 15,25,339.72 crore. ICICI Bank's valuation decreased by Rs 13,566.92 crore, resulting in a market cap of Rs 10,29,470.57 crore.

Bajaj Finance's valuation dropped by Rs 13,236.44 crore to Rs 5,74,977.11 crore, while LIC's market cap diminished by Rs 10,246.49 crore to Rs 5,95,277.16 crore.

TCS experienced a reduction of Rs 8,032.15 crore in its market capitalization, which now stands at Rs 12,37,729.65 crore.

Bharti Airtel's market cap decreased by Rs 5,958.7 crore, bringing it down to Rs 11,50,371.24 crore.

Conversely, Reliance Industries saw an increase in its market valuation by Rs 15,359.36 crore, reaching Rs 20,66,949.87 crore.

Infosys added Rs 13,127.51 crore to its valuation, totaling Rs 6,81,383.80 crore.

Hindustan Unilever's market cap rose by Rs 7,906.37 crore to Rs 5,49,757.36 crore, while State Bank of India increased by Rs 5,756.38 crore to Rs 7,24,545.28 crore.

In the ranking of the top ten firms, Reliance Industries maintained its position as the most valued company, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Bajaj Finance, and Hindustan Unilever Ltd.